The Briefing by Martin Peers, Jessica Lessin and the team at The Information

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The Briefing

By Martin Peers, Jessica Lessin and the team at The Information

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Recent Editions

Cathode powder. Photo: Kiyoshi Ota/Bloomberg

The Electric Flash Analysis: The Truth About GM’s New Battery Cathode Factory—It Will Rely on China

By Steve LeVine · Dec 2, 2021 5:27am PST

General Motors on Wednesday framed its plan to build a North American plant to process battery metals for electric vehicles as a giant step toward supply chain independence. “We need to control our own destiny, especially when it comes to battery production. That’s why we’re pursuing a North America-focused vertical integration... General Motors on Wednesday framed its plan to build a North American plant to process battery...

Marc Benioff. Photo by Bloomberg.

Salesforce’s Pretend Co-CEO Arrangement

By Martin Peers · Dec 1, 2021 5:00pm PST · 1 comment

Marc Benioff has redefined the term co-CEO. As The Information reported earlier today, Bret Taylor, newly named co-CEO of Salesforce, will continue reporting to Benioff, his fellow co-CEO. So instead of the term meaning two leaders on equal terms, it now just means two people who work with each other in a boss-subordinate relationship. At this... Marc Benioff has redefined the term co-CEO. As The Information reported earlier today, Bret...

Square CEO Jack Dorsey. Art by Mike Sullivan.

Square Goes Full Crypto with Its Name Change to Block; More Crypto Ads Coming to Facebook

By Hannah Miller · Dec 1, 2021 4:41pm PST · 1 comment

Following intense speculation on Monday, we may now know how Jack Dorsey is diving deeper into crypto post-Twitter. His other company, Square, said Wednesday that it’s changing its name to Block, a clear nod to the blockchain technology that powers crypto. Blockchain was the most concrete, business-related reason Square gave for the name... Following intense speculation on Monday, we may now know how Jack Dorsey is diving deeper into...

Actress Felicia Day. Photo: AP

A Startup Dives Into the Social Token Pool; TikTok Expands Tipping

By Mahira Dayal · Dec 1, 2021 4:12pm PST

Actress Felicia Day. Photo: AP

Creator Economy

A Startup Dives Into the Social Token Pool; TikTok Expands Tipping

By Mahira Dayal · Dec 1, 2021 4:12pm PST

Pools, a startup that develops personalized cryptocurrency tokens for creators, announced a $18 million seed funding round led by Global Founders Capital, with participation from investors including L2 Ventures, Shift, Maveron and Kima Ventures. The startup joins others in our Creator Economy Database, including Rally and Roll, developing... Pools, a startup that develops personalized cryptocurrency tokens for creators, announced a $18...

An Instacart worker loads groceries into her car for home delivery. Photo by AP

Instacart Plans 15-Minute Delivery Trial as Rival Startups Grow

By Berber Jin · Dec 1, 2021 1:31pm PST · 3 comments

For Instacart, the leading U.S. grocery delivery company, being fast may not be fast enough. The $39 billion-valuation startup is planning to launch a pilot program to provide delivery of groceries or convenience items in 15 minutes or less to U.S. customers, said two people with direct knowledge of the plan. As a part of the proposed program,... For Instacart, the leading U.S. grocery delivery company, being fast may not be fast enough. The...

Art from "Curse of the Lost Pearl," a VR experience inspired by old movie serials. Credit: Dreamscape Immersive

Dreamscape’s CEO on VR for Education and Entertainment

By Mathew Olson · Dec 1, 2021 11:00am PST

In VR, there are only a handful of companies on the software side with the resources or nerve to try and tackle multiple kinds of content. Dreamscape Immersive is one of them, and a new partnership announced today could see its education arm become a more interesting side of the business than its location-based VR experiences.Dreamscape may be... In VR, there are only a handful of companies on the software side with the resources or nerve to...

Salesforce's co-CEOs, Bret Taylor and Marc Benioff. Photos by Bloomberg

Salesforce’s Taylor Will Report to Benioff, Despite Co-CEO Title

By Kevin McLaughlin · Dec 1, 2021 10:47am PST

Bret Taylor is co-CEO of Salesforce in name only, it turns out. The Information has learned that in his new role Taylor will continue to report to Marc Benioff, who is ostensibly his equal as co-CEO. The reporting arrangement, outlined in a Slack message Benioff sent to employees on Wednesday, contrasts with the structure put into place for... Bret Taylor is co-CEO of Salesforce in name only, it turns out. The Information has learned that...

Nickel and copper ore. Photo: Andrey Rudakov/Bloomberg

The Electric Flash Analysis: As EV Battery-Metal Prices Rise, Automakers Must Decide: Eat Cost or Charge More?

By Steve LeVine · Dec 1, 2021 9:14am PST

Nickel and copper ore. Photo: Andrey Rudakov/Bloomberg

The Electric Flash Analysis: As EV Battery-Metal Prices Rise, Automakers Must Decide: Eat Cost or Charge More?

By Steve LeVine · Dec 1, 2021 9:14am PST

A massive increase in the price of metals for lithium-ion batteries is jeopardizing the economics of future electric vehicles just as established combustion automakers get ready to launch dozens of new models to catch up to Tesla. A massive increase in the price of metals for lithium-ion batteries is jeopardizing the economics...

Pay Transparency for Gig Workers? Yes, It’s Possible.

By Alison Griswold · Dec 1, 2021 9:03am PST · 2 comments

After years of enduring frustrating working conditions and unreliable pay, burned-out drivers fled Uber and Lyft during the global pandemic. It’s been a hard sell getting them back. In April, Uber committed $250 million to the cause, and last month, CEO Dara Khosrowshahi told investors the push was working. Driver totals were up 65% from... After years of enduring frustrating working conditions and unreliable pay, burned-out drivers ...

SoFi CEO Anthony Noto. Photo by Bloomberg. Art by Mike Sullivan

‘Winner-Take-Most’: Anthony Noto’s Ambitions for SoFi Take Shape

By Aidan Ryan · Dec 1, 2021 6:01am PST · 1 comment

Anthony Noto has long had a knack for grabbing attention. When he was a top executive at Twitter, Noto struck a deal with the NFL to air Thursday night games, thrusting the social media service into the streaming market, to the surprise of even many Twitter employees, according to people who worked there at the time. More recently, SoFi... Anthony Noto has long had a knack for grabbing attention. When he was a top executive at Twitter,...

Salesforce co-CEO Marc Benioff. Photo by Bloomberg.

Meta’s M&A Ambitions Curtailed; Will Bret Taylor Be a Chip Off the Old Block?

By Martin Peers · Nov 30, 2021 5:00pm PST

Anyone working on mergers and acquisitions at Meta Platforms, formerly Facebook, might want to look for a new job. The British antitrust regulator’s decision to force Meta to divest Giphy, the tiny GIF search engine it acquired last year for $315 million, demonstrates that even small acquisitions are off limits to the tech giant. And while this... Anyone working on mergers and acquisitions at Meta Platforms, formerly Facebook, might want to...

David Marcus, head of Novi at Meta Platforms. Photo by Bloomberg. Art by Mike Sullivan.

What’s Next for Meta as Longtime Crypto Chief David Marcus Leaves

By Hannah Miller · Nov 30, 2021 4:18pm PST

David Marcus, head of Novi at Meta Platforms. Photo by Bloomberg. Art by Mike Sullivan.

What’s Next for Meta as Longtime Crypto Chief David Marcus Leaves

By Hannah Miller · Nov 30, 2021 4:18pm PST

The exit of David Marcus from Facebook-parent Meta Platforms at the end of this year throws another wrench into the company’s crypto plans. Marcus, who heads Meta’s Novi financial products division, has been integral to the company’s crypto-related projects during his seven-year tenure.Marcus co-created libra, the predecessor to diem, the... The exit of David Marcus from Facebook-parent Meta Platforms at the end of this year throws...

Soy Nguyen. Photo: Vincent Elejorde

Creator Economy

LinkedIn Flexes its Creator Muscles; Q&A With TikToker Behind ‘Food With Soy’

By Kaya Yurieff · Nov 30, 2021 2:00pm PST

LinkedIn isn’t an obvious destination for finding posts from top social media personalities. But the Microsoft-owned company is trying to change that perception by doubling down on efforts to woo creators amid a bigger fight for online talent among social platforms. On Tuesday, LinkedIn unveiled the first class of its creator accelerator... LinkedIn isn’t an obvious destination for finding posts from top social media personalities. But...

Naver's headquarters in Seongnam, South Korea. Photo: AP

Zepeto’s Hefty SoftBank Raise; A Google Earth Reunion at Niantic

By Mathew Olson · Nov 30, 2021 11:00am PST · 1 comment

News that SoftBank is pouring $150 million into a yet-to-close Series B for South Korean social media platform Zepeto is a big vote of confidence for the burgeoning metaverse player. So far, Zepeto has focused on the quality of its avatars. It hasn’t spent much time building more immersive and deeply interactive experiences—but it’s not clear... News that SoftBank is pouring $150 million into a yet-to-close Series B for South Korean social...

Fireblocks CEO Michael Shaulov. Sequoia Capital is investing in the crypto custodian, one of a trio of recent crypto deals by the VC firm. Photo: Saffello.

Sequoia Capital’s Crypto Frenzy Intensifies With Three New Deals

By Kate Clark · Nov 30, 2021 6:01am PST

Sequoia Capital, Andreessen Horowitz and crypto trading firm FTX are co-leading an investment of more than $100 million in LayerZero Labs, a 10-month-old crypto firm that has yet to launch its product publicly, at a $1 billion valuation, according to two people familiar with the deal. LayerZero’s rapid rise to unicorn status, unusual for a... Sequoia Capital, Andreessen Horowitz and crypto trading firm FTX are co-leading an investment of...

Twitter's new chair, Bret Taylor. Photo by Bloomberg.

Twitter’s New CEO Gets Thumbs-Down From Wall Street

By Martin Peers · Nov 29, 2021 5:00pm PST

Twitter's new chair, Bret Taylor. Photo by Bloomberg.

Twitter’s New CEO Gets Thumbs-Down From Wall Street

By Martin Peers · Nov 29, 2021 5:00pm PST

It seems Jack Dorsey’s abrupt departure as CEO of Twitter was welcome news to the company’s long-suffering shareholders—until it wasn’t. A 10% uplift in Twitter shares that was triggered by the initial headline evaporated shortly after Twitter identified his successor as Chief Technology Officer Parag Agrawal. Talk about going from the devil you... It seems Jack Dorsey’s abrupt departure as CEO of Twitter was welcome news to the company’s...

Former Twitter CEO Jack Dorsey. Photo by Bloomberg. Art by Mike Sullivan.

Jack Dorsey’s Crypto Portfolio Hints at His Next Move

By Hannah Miller · Nov 29, 2021 4:21pm PST

Jack Dorsey’s decision to step down as CEO of Twitter on Monday has everyone wondering whether his next move will be to dive further into crypto. Even though Dorsey still has Square to run, it would make sense if he doubled down on bitcoin and tried his hand at managing a project entirely focused on crypto. He may have hinted at this kind... Jack Dorsey’s decision to step down as CEO of Twitter on Monday has everyone wondering whether...

Twitter co-founder Jack Dorsey. Photo: Bloomberg, Illustration: Mike Sullivan

Creator Economy

The Creator Challenges Facing Twitter’s New CEO

By Kaya Yurieff · Nov 29, 2021 2:53pm PST

Over the past year, Twitter has stepped up efforts to appeal to creators, including acquiring newsletter service Revue, adding live audio feature Spaces, introducing tipping and starting Super Follows, which allow creators to charge their top fans for bonus tweets. Now the question is whether its new CEO Parag Agrawal will accelerate those... Over the past year, Twitter has stepped up efforts to appeal to creators, including acquiring...

Getir CEO Nazim Salur. Photo: Getir

Q&A

Instant-Delivery Startup Wars Heat Up as Turkey’s Getir Expands in U.S.

By Berber Jin · Nov 29, 2021 12:47pm PST · 1 comment

Nazim Salur, the founder and CEO of six-year-old Getir, has an ambitious goal: He expects to offer the startup’s 10-minute grocery-delivery services to major cities on the West Coast within one year. Getir also expects to eventually serve the suburbs of cities like Los Angeles, areas normally avoided by ultrafast providers given their... Nazim Salur, the founder and CEO of six-year-old Getir, has an ambitious goal: He expects to...

Tim Cook presenting at an Apple product event. Photo: Bloomberg

Apple Analyst Predicts AR Replacing iPhone; Roblox’s “Hacking” Case

By Mathew Olson · Nov 29, 2021 11:00am PST · 1 comment

Tim Cook presenting at an Apple product event. Photo: Bloomberg

Apple Analyst Predicts AR Replacing iPhone; Roblox’s “Hacking” Case

By Mathew Olson · Nov 29, 2021 11:00am PST · 1 comment

What use are 10-year projections in AR/VR? None at all, I’d argue, which is why a prediction from TF International Securities analyst Ming-Chi Kuo about how Apple plans to move away from the iPhone in favor of AR wearables over the next decade should be taken with a healthy amount of salt. What use are 10-year projections in AR/VR? None at all, I’d argue, which is why a prediction from...